Russian Seaborne Oil Exports Decline Slightly in May Despite Baltic Recovery
Overview of Russian Seaborne Oil Product Exports in May
MOSCOW, June 11 (Reuters) - Russia's seaborne oil product exports fell by 0.2% on a daily basis in May from April to 8.016 million metric tons, according to industry sources and Reuters calculations.
Impact of Ukrainian Drone Attacks and Baltic Recovery
While continued Ukrainian drone attacks on key ports and major refineries caused a steep decline in May oil product loadings in Russia's southern ports, that was compensated for by a healthy rise in fuel exports out of Baltic terminals.
Escalation of Drone Strikes
Kyiv has intensified its strikes on Russian energy facilities in recent months as peace talks to end the Ukraine conflict have failed to make headway.
Major Refineries Targeted
A number of Russia's major refineries were hit by drone strikes in May, including the Lukoil-owned NORSI refinery, Rosneft's Ryazan refinery and Surgutneftegaz-owned Kirishi refinery.
Factors Supporting Export Loadings
Although fuel production at Russian refineries was declining last month, export loadings were supported by a surge in global prices stemming from the Iran war as well as by accumulated oil product stocks following earlier disruptions at port terminals caused by drone strikes, traders said.
Regional Export Trends
Baltic Ports Recovery
Oil product exports from Russia's Baltic ports — Primorsk, Vysotsk, St. Petersburg and Ust-Luga - rose 11.3% in May month-on-month to 3.82 million tons, as loadings partially recovered after earlier suspensions following attacks on key terminals, the sources said.
Decline in Black Sea and Azov Sea Shipments
By contrast, fuel shipments for export via Black Sea and Azov Sea ports dropped 19.7% last month from April to 3.03 million tons, the data showed.
Impact on Tuapse and Nearby Refineries
The Russian Black Sea port of Tuapse and the nearby Rosneft-owned refinery were repeatedly targeted by Ukrainian drones in April and May, leading to the suspension of fuel production and export loadings.
Arctic and Far East Ports Performance
Oil product exports from the Arctic ports of Murmansk and Arkhangelsk climbed in May to 294,600 tons, up from 104,300 tons a month earlier.
Fuel export loadings at Russia's Far East ports also rose last month by 21.3% from April to 875,200 tons, the data showed.
(Reporting by Reuters; Editing by Hugh Lawson)
